Demystifying Lead Scoring: 14 Ways For Identifying Your Highest Quality Leads
You’ve got hundreds of leads making their way through your pipeline and you’re following up with every single one… But your conversion to paid is still low.
What’s going wrong?
The most common answer is that you’re following-up (and wasting time) with poor quality leads–the people who submit an inquiry without any motivation to purchase from you.
There’s one thing that could be your saving grace: A lead scoring model.
In this ultimate guide to scoring leads, we’ll talk about:
- What lead scoring is
- Why lead scoring is important
- How to score your leads
- Bonus lead scoring tips
- What a “good” lead score is
- Lead scoring tools
Ready? Let’s dive in.
What is Lead Scoring?
Lead scoring is the process of giving your leads a score (usually out of 100), with those towards the higher end being your highest quality leads. You’ll have a list of criteria, with each box ticked increasing their score.
Here’s what that might look like:
Lead A: They’ve visited your pricing page (5 points), submitted an inquiry (15 points), and attended a sales demo (25 points.) Their lead score is 45.
Lead B: They’ve submitted an inquiry (15 points) but nothing else. Their lead score is 15.
…Which lead should you prioritize?
It’s Lead A–the one with a higher lead score, and the contact that seems more keen on purchasing from you.
Why is Lead Scoring Important?
Sales reps spend just a third of their time actually selling. That’s a huge chunk of time they’re spending on non-revenue-generating tasks–AKA, the tasks you’re paying them for.
Lead scoring can solve this problem, as Repsly‘s Gil Resnick explains: “We all know what the ideal lead looks like, but if we are using a lead scoring model to help prioritize which leads to go after first, having the leads who have shown interest in your site or product should really put them at the top of the list.”
Lead Crunch‘s Emma Valentiner also adds that “pursuing right fit leads has long-term impact [since] your sales team is happier because they’re getting leads they can sell to.”
“Right fit customers are more satisfied with what you provide, and more likely to become long-term customers and loyal, vocal advocates,” Valentiner writes.
In a nutshell: You’re focusing on leads that are more likely to purchase, rather than attempting to convert those who might not be interested.
5 Criteria for Scoring Your Leads
“It all comes down to measuring how good a fit the product is for a particular user and how high is the user’s purchase intent. Fit and intent is the basis on which you determine which leads are qualified and which aren’t,” says Shane Barker.
You can also score a lead higher based on these qualities:
1. Where a lead comes from
Did you know that 61% of B2B marketers think generating high-quality leads is their biggest challenge? Identifying the channel where the majority of your top leads come from is like hitting the jackpot for a sales rep.
“As a salesperson, the most important thing to me about a lead is where it came from,” says G2‘s Joe Arko.
“The close rate for different lead sources varies from 2%-50%. Word of mouth closes at an insanely high rate, whereas a one-click web form isn’t going to be in the same ballpark.”
Arko continues: “All other variables are interesting, but there’s no better indicator of ‘likely to buy’ than the way in which they reached out to begin with.”
*Editor’s note: Track where your leads are coming from with our HubSpot Sources Report dashboard. You’ll be able to identify the sources that generate leads and customers, along with how many opportunities you’ve had per channel.
Read the full article, featuring R2integrated VP of Marketing, Jay Atcheson, discussing the percentage of leads with scores that lead to a CRM opportunity!
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